MIRA
INFORM REPORT
|
Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
KNORR-BREMSE SYSTEMS FOR COMMERCIAL VEHICLES INDIA PRIVATE LIMITED |
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Registered
Office : |
Survey No. 280 and 281, Village Mann, Hinjawadi Phase II, Taluka
Mulshi, Pune – 411057, Maharashtra |
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Country : |
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Financials (as on)
: |
31.12.2010 |
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Date of
Incorporation : |
21.02.2003 |
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Com. Reg. No.: |
11-021545 |
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Capital
Investment / Paid-up Capital : |
Rs.440.000 Millions |
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CIN No.: [Company Identification
No.] |
U34300PN2003PTC021545 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK09441F |
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PAN No.: [Permanent Account No.] |
AACCK1395D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Vehicle Break System. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 1300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Patil |
|
Designation : |
Sales Manager |
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Contact No.: |
91-9881095655 |
|
Date : |
28.02.2012 |
LOCATIONS
|
Registered Office : |
Survey No. 280 and 281, Village Mann, Hinjawadi Phase II, Taluka Mulshi,
Pune – 411057, Maharashtra, India |
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Tel. No.: |
91-20-66746842 |
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Mobile No.: |
91-9881095655 (Mr. Patil) |
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Fax No.: |
91-20-66746899 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 02.03.2011
|
Name : |
Mr. Kishor Balwant Pendse |
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Designation : |
Director |
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Address : |
36175 S, Huntington, Solon, Ohio – 44139, United States of America |
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Date of Birth/Age : |
28.11.1954 |
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Date of Appointment : |
26.09.2006 |
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DIN No.: |
02185399 |
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Name : |
Mr. Rai Sahab Mittal |
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Designation : |
Director |
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Address : |
G-91, Sector 41, District Gautam Budh Nagar, Noida – 201301, Uttar
Pradesh, India |
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Date of Birth/Age : |
21.09.1970 |
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Date of Appointment : |
27.01.2010 |
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DIN No.: |
02935277 |
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Name : |
Mr. Venkata Ramana Potturu |
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Designation : |
Managing director |
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Address : |
304B, Reheja Enclave, 236 Race Course Road, Coimbatore – 641018,
Tamilnadu, India |
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Date of Birth/Age : |
02.08.1959 |
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Date of Appointment : |
18.03.2010 |
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DIN No.: |
03084064 |
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Name : |
Ansgar Hugo Fries |
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Designation : |
Director |
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Address : |
Seydlitzstr 40, Munchen – 80993, Germany |
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Date of Birth/Age : |
25.04.1957 |
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Date of Appointment : |
02.03.2011 |
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DIN No.: |
03457931 |
KEY EXECUTIVES
|
Name : |
Mr. Hari Venkatachalam |
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Designation : |
Secretary |
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Address : |
Block E, Flat No. 601, Regulus, Balewadi, Pune, Maharashtra, India |
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Date of Birth/Age : |
30.04.1959 |
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Date of Appointment : |
08.03.2010 |
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PAN No.: |
ABSPV4215B |
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Name : |
Mr. Patil |
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Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.03.2011
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Knorr-Bremse Asia Pacific [Holding] Limited, Hong Kong |
|
21799999 |
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Knorr-Bremse A.G., Germany |
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1 |
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Total |
|
21800000 |
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Names of Shareholders |
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No. of
Preference Shares |
|
Knorr-Bremse Asia Pacific [Holding] Limited, Hong Kong |
|
3700000 |
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Total |
|
3700000 |
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Names of Shareholders |
|
No. of Special
Cumulative Redeemable Preference Shares |
|
Knorr-Bremse Asia Pacific [Holding] Limited, Hong Kong |
|
18500000 |
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Total |
|
18500000 |
Equity Share Break up (Percentage of Total Equity)
As on 02.03.2011
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Vehicle Break System. |
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Products : |
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Terms : |
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Selling : |
Cash/ Credit (30 – 60 days) |
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Purchasing : |
Cash/ Credit (30 – 60 days) |
PRODUCTION STATUS AS ON 31.12.2010
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
|
Brake Chamber |
Nos. |
325800 |
154548 |
|
Spring Brake Actuator |
Nos. |
258000 |
154161 |
|
Air Dryer |
Nos. |
96300 |
56930 |
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Four Circuit Protection Value |
Nos. |
99900 |
43296 |
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Foot Brake Valve |
Nos. |
100800 |
48673 |
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Hand Brake Valve |
Nos. |
15100 |
47685 |
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Relay Valve |
Nos. |
190800 |
140910 |
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Automotive Slack Adjustor |
Nos. |
331200 |
162058 |
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Antilock Breaking System |
@ |
-- |
-- |
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Lift Axle |
@ |
-- |
-- |
*Installed capacities are as certified by the
management and have not been verified by the auditors as this is a technical
matter.
@ The quantitative details of the items are
not provided since these product consists of several parts.
Note: Licensed capacity is not stated in view of the
non-applicability of industrial licensing for the products manufactured by the
Company.
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
Railway |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
State Bank of India, Pune Branch, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall
Clinic, Bund Garden Road, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-60585764/ 30585765 |
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Fax No.: |
91-20-3058775 |
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PAN.: |
AAAFB9852F |
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Parties where control exists : |
·
Knorr-Bremse Asia Pacific (Holding) Limited, Hong
Kong (KABP) Majority shareholder with 74% till 27th January, 2010
and 100% holding from 28th January, 2010 ·
Tata AutoComp System Limited, India (TACO) Joint Venture shareholder with 26% holding
till 27th January, 2010 |
|
Ultimate Holding
Company : |
Knor-Bremse AG, Germany (KB AG) |
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Fellow Subsidiaries : |
·
Knorr Bremse Benelux ·
Knorr Bremse Sistemas Para Veiculos Comercials
Brasil Ltda ·
Knorr Bremse SfC Limited, Truck GB ·
Knorr Bremse Systemy pro uzitkova yozidla CR,
s.r.o ·
Knorr Bremse Fekrendszerek Kft ·
Knorr Bremse SAC SpA ·
Knorr Bremse Systeme fur Nutzfahrzeuge GmbH ·
Knorr Bremse Systemes Pour Vehicules – France ·
Hasse and Wrede GmbH ·
Industria Freious Knorr Ltda ·
Bendix Commercial Vehicles Systems ·
Bendix Spicer Foundation Brakes LLC ·
Knorr Bremse Kama Systems for Commercial Vehicles
LLC ·
Knorr-Bremse Sistemas para Veiculos Commercials
Brasil Ltda ·
Knorr-Bremse Brake Equipment (Shanghai) Company
Limited ·
Knorr-Bremse Braking System for CVS (Dalian)
Company Limited ·
Tata AutoComp Systems Limited |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
30000000 |
7% Preference Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
TOTAL |
|
Rs.550.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21800000 |
Equity Shares |
Rs.10/- each |
Rs.218.000
Millions |
|
3700000 |
7% Cumulative redeemable preference shares (1300000 preference shares have been redeemed
on 28th January 2010 and the balance are redeemable on 26th
December, 2011) |
Rs.10/- each
|
Rs.37.000
Millions |
|
18500000 |
7% Special Cumulative redeemable preference
shares (6500000 preference shares have been
redeemed on 28th January 2010 and the balance preference shares
are redeemable on 26th December, 2011) |
Rs.10/- each
|
Rs.185.000
Millions |
|
|
TOTAL |
|
Rs.440.000 Millions |
Notes:
Equity Shares
21799999 equity shares are held by Knorr-Bremse
Asia Pacific (Holding) Limited, Hong Kong (KBAP), the Holding Company and the
balance 1 equity shares is held by Knorr-Bremse AG, Germany (KBAG), the
ultimate Holding Company. Nil equity shares are held by Tata AutoComp Systems
Limited, India (TACO)
Preference Shares
3700000 7% cumulative redeemable preference
shares are held by KBAP and the balance Nil are held by TACO
18500000 7% special cumulative redeemable
preference shares are held by KBAP and the balance Nil are held by TACO.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
440.000 |
440.000 |
440.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
(103.354) |
(161.891) |
(193.751) |
|
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NETWORTH |
336.646 |
278.109 |
246.249 |
|
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LOAN FUNDS |
|
|
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1] Secured Loans |
17.959 |
20.551 |
22.424 |
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2] Unsecured Loans |
0.000 |
0.000 |
74.834 |
|
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TOTAL BORROWING |
17.959 |
20.551 |
97.258 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
354.605 |
298.660 |
343.507 |
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
152.169 |
165.313 |
164.445 |
|
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Capital work-in-progress |
82.188 |
64.261 |
51.699 |
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
12.586 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
220.807
|
126.470 |
185.964 |
|
|
Sundry Debtors |
72.051
|
24.137 |
166.311 |
|
|
Cash & Bank Balances |
117.260
|
67.124 |
10.232 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
68.223
|
42.944 |
52.093 |
|
Total
Current Assets |
478.341
|
260.675 |
414.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
319.582
|
175.589 |
257.654 |
|
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Other Current Liabilities |
5.454
|
1.920 |
20.300 |
|
|
Provisions |
45.643
|
14.080 |
9.283 |
|
Total
Current Liabilities |
370.679
|
191.589 |
287.237 |
|
|
Net Current Assets |
107.662
|
69.086 |
127.363 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
354.605 |
298.660 |
343.507 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
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SALES |
|
|
|
|
|
|
|
Income |
1437.525 |
951.278 |
991.729 |
|
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|
Other Income |
|
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|
|
|
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TOTAL (A) |
1437.525 |
951.278 |
991.729 |
|
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
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|
Office Expenses |
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|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
1307.488 |
873.578 |
948.486 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
130.038 |
77.700 |
43.243 |
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FINANCIAL
EXPENSES (D) |
2.442 |
4.720 |
6.077 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
127.596 |
72.980 |
37.166 |
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DEPRECIATION/
AMORTISATION (F) |
42.815 |
34.082 |
25.530 |
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PROFIT BEFORE
TAX (E-F) (G) |
84.781 |
38.897 |
11.636 |
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TAX (H) |
26.243 |
7.038 |
3.182 |
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|
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PROFIT AFTER TAX
(G-H)
(I) |
58.537 |
31.859 |
8.454 |
|
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|
|
|
|
|
|
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|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(161.891) |
(193.751) |
(202.205) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(103.354) |
(161.892) |
(193.751) |
|
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|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Income |
45.330 |
38.632 |
28.370 |
|
|
|
FOB value of exports |
33.042 |
5.167 |
0.726 |
|
|
TOTAL EARNINGS |
78.372 |
43.799 |
29.096 |
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
395.535 |
192.285 |
230.853 |
|
|
|
Capital Goods |
0.000 |
0.060 |
3.883 |
|
|
TOTAL IMPORTS |
395.535 |
192.345 |
234.736 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.88 |
0.52 |
(1.15) |
|
Expected Sales (2011) : Above Rs.1800.000 Millions
The above information has been parted by Mr. Patil.
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
4.07
|
3.35 |
0.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.45
|
9.13 |
2.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.14 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
0.76 |
1.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.36 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
Sundry Creditors
|
|
|
|
|
Outstanding dues to Micro and Small Enterprises |
4.449 |
2.637 |
0.000 |
|
Others |
315.133 |
172.952 |
257.654 |
|
TOTAL |
319.582
|
175.589 |
257.654 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
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18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
BACKGROUND
Subject was incorporated on 21 February 2003 as a 74:26 joint venture between
KNORR-BREMSE Asia Pacific (Holding) Limited, Hong Kong (KBAP) and TATA AutoComp
System Limited (‘TACO’). The Company commenced commercial production from 1
July 2005. The Company manufactures braking systems for commercial vehicles.
On 28th January 2010 KBAP has acquired 3639999 shares from
TACO and Knorr-Bremse AG (KBAG), Germany (the ultimate holding company) has
acquired 1 share from TACO. Further, KBAP have infused additional capital which
has been utilized for redemption of preference shares held by TACO.
Consequently, the Company is now a wholly owned subsidiary of KBAP/KBAG.
COMPANY
PERFORMANCE
During the year, the company achieved a sales turnover of Rs.136.920
Millions as compared to Rs.896.700 Millions last year, thus registering an increase
in sales turnover of 52.10%. The main reason has been the up turn in the Indian
Economy compared to previous year. The Directors are pleased to report an
increase in Profit before tax of Rs.45.880 Millions over last year.
During the year, the Medium and Heavy Air brake truck built went up from
153 k units to 278 k units with TATA Motors and Ashok Leyland holding 62% and
23% respectively of the overall Market share. The strongest growth has come
from the Heavy truck segment.
During the year the Company focused on after market business and tripled
the business over previous year.
The company has also been awarded businesses from new manufacturers like
Daimler India and Volvo India. The business with these companies would be
slowly ramped up over next years.
Contingent
Liabilities (As on 31.12.2010)
Bills discounted with Bank – Rs.208.346 Millions
Arrears of cumulative preference dividend including dividend
distribution tax thereon – Rs.79.191 Millions
FIXED ASSETS
·
Plant and Machinery
·
Computer and Accessories
·
Office Equipment
·
Motor Vehicles
·
Furniture
·
Factory Equipments
·
License and Software
·
Production Development Costs
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.94 |
|
|
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.65.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.